Feeling better, but the market isn't

I think I gave the market what I had, and it didn't take it well at all. Oddly enough, most people blamed today's giant drop on a lower than expected ISM Services index, or more accurately, non-manufacturing businesses. However, I don't believe this report was the entire reason the market fell.

I think a larger reason is the rising furor of voices demanding the government NOT bail out bond insurers and let the businesses who made bad loans suffer the consequences. This is very different than last week when a government bailout and possible stimulus package was met with much enthusiasm and applause (along with a rate cut).

However, even without a bailout, this narrowly-scoped issue should not be carrying over to the technology sector, where the high profile hostile bid from Microsoft to Yahoo still sits on the table, and with Google behind the scenes trying to grab its own pieces of Yahoo.

I think tomorrow can be a new day for the markets IF we see no unusual movements in crude inventories and we continue to hear renewed talk about a government bailout.